To qualify for HERO Financing, the following criteria must be met:
Property eligibility requirements:
- The residential property must be located within a participating WRCOG jurisdiction. Check your address
- All mortgage-related debt on the property must not exceed 90% of the value of the property.
- All mortgage payments must be current for the Property at the time of the application and cannot have had more than one 30 day mortgage late payment over the previous 12 months.
- The property’s property taxes for the prior twelve month period must have been paid on time.
- The property must not have any outstanding involuntary liens recorded against it with the county recorder, such as tax liens or mechanic’s liens.
- The property must not be an asset in an active bankruptcy proceeding.
- Manufactured and mobile homes must be attached to the property and the owner of the underlying property must be the applicant and be subject to real property taxes, not personal property taxes or Department of Motor Vehicle fees.
Property owner eligibility requirements:
- The property owner(s) who apply for HERO Financing must be the owner(s) of record as shown on the official property record.
- The property owner(s), individually or collectively, must not have filed for bankruptcy in the past seven years, however, if the bankruptcy is more than two years old, and if the property owner has no additional late payments more than 60 days past due in the last 24 months, the property owner may be approved.
- The property owner(s) must certify on the HERO Financing Application that the property taxes on the subject property have not been paid late more than once in the past three years.
HERO Financing amount requirements:
- The minimum amount available through HERO Financing is $5,000.
- The maximum amount available through HERO Financing is 15% of the market value of the property, not to exceed $200,000. Amounts greater than $200,000 require WRCOG Executive Committee approval.
- The combined amount to be financed under the Program plus the mortgage related debt must not exceed 100% of the value of the property.